Himalya International settles additional demand raised by SASF

Himalya International Ltd has announced that the Company has settled the demand to Recompense made by SASF / IDBI. Total Debt was earlier settled under NTS with SASF in August 2005 and the Company has already paid more than 80% of the amount.

Due to turnaround of the Company last year, SASF invoked the 'Right to Recompense' and raised additional demand of Rs 10.09 Crores. By committing allotment of 700,000 shares to SASF / IDBI, the Company has made the settlement. Promoters have also undertaken to buy-back these shares at a minimum price of Rs 25 in 2009 and shall have the first right of refusal.

This shall settle all current and future claims of SASF / IDBI on this account.

The stock was trading at Rs.13.99, up by Rs.0.60 or 4.48%. The stock hit an intraday high of Rs.14.50 and low of Rs.13.07. The total traded quantity was 56328 compared to 2 week average of 69202.

Source : Equity Bulls

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